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Fund administrator TMF Custom House Fund Services is rolling out a despositary lite, or ‘Depo Lite,’ platform aimed at alternative investment managers marketing their funds in Europe who need to comply with the Alternative Investment Fund Managers Directive (AIFMD), according to a company statement.
The Depo Lite service will conduct cash-flow monitoring and general oversight requirements for managers and all relevant funds.
Under AIFMD, managers operating an EU-based AIF are required to utilize a full depositary solution. Managers running funds not domiciled in the EU, however, are only required to utilize a depo lite solution, which is responsible for carrying out the same duties but takes on less liability.
“TMF Custom House has always been focused on investors and the investor experience on behalf of fund managers,” says Dermot Mockler, group head of regulatory affairs, compliance and anti money laundering in a statement. “This offering will allow our client managers to concentrate on their core investment activities, while ensuring that they are fully compliant with the AIFMD regulations.”
TMF Custom House is also planning to launch an AIFMD reporting solution in the fourth quarter of 2014, which will be aimed at helping fund managers comply with AIFMD’s rigorous Title VI Reporting requirements, the statement says.
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